Tenants in the Stoke area who have resigned themselves to a lifetime of renting will be pleased to know they may well be able to afford their own home with help from a Government-backed scheme.
HomeBuy Direct gives eligible purchasers access to a loan for up to 30% of the asking price of their new home, reducing how much they have to pay in the first instance by almost a third.
The scheme, which has already helped hundreds of buyers across the UK, is now available at Redrow’s Water Edge in Stoke-on-Trent.
What’s more, buyers will only need to find a 5% deposit, instead of the much higher deposits that many lenders have been demanding of first time buyers.
Because of this, HomeBuy Direct is making the already reasonable prices at Water’s Edge even more achievable – and the monthly mortgage payments could even prove cheaper than renting,
For example, a brand new three-bedroom ‘Fairwood’ style home with a fully-fitted kitchen, open-plan lounge/dining area and patio doors leading onto the garden, usually costing £124,995 can be bought for an initial outlay as little as £87,496.
Meanwhile those needing more space can spread their wings in a four-bedroom, three-storey ‘Neale’ town house, which, with a 30% equity loan through HomeBuy Direct, is available from just £111,965.
Elaine Mounsey, sales manager for Redrow Homes (NW) says: “HomeBuy Direct is designed to help buyers own the home they have always wanted. Thanks to the initial reduced prices and the fact that you only need to find a 5% deposit, the transition from renting or leaving the family home is easier and more manageable for buyers.”
“Plus the loan is interest-free for the first five years meaning new home owners have time to adjust to their new lifestyle.”
A major plus for buyers choosing Water’s Edge is that all the homes are brand new and, unlike some of the older terraced houses usually targeted by first time buyers, need no costly repairs, renovations or redecoration to bring them up to standard. As well as having fully-fitted kitchens, modern bathroom suites, a ground floor cloakroom and often an en-suite, they are painted in a classic neutral cream throughout for a clean, fresh look. All new owners need to do is move their furniture in.
And because the homes are brand new and built to modern energy efficiency standards, minimum upkeep and maintenance is needed and running costs should be significantly cheaper than an older property.
Buyers are sure to be impressed by Water’s Edge, in Hanley. Part of the extensive ‘City Waterside’ regeneration programme, the mixture of apartments and houses enjoy a waterside location overlooking the Caldon Canal, in addition to spectacular countryside views across the Trent Valley and beyond. Hanley city centre is also nearby giving easy access to a wealth of amenities.
See Also: Property News (5994), Redrow Homes (115), Government (15), HomeBuy Direct (62), Stoke-on-Trent (15), Water Edge (1), City Waterside (1), Hanley (2), Caldon Canal (1), Trent Valley (1)
Date Published: 01 March 2010
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